The aim of this book is to explore the role of the democratic principle in the context of the Economic and Monetary Union (EMU). The time is indeed quite ripe for opening a discussion on such issues. We all knew that, right from the beginning, the EMU regime had its own features, which distinguished...
The aim of this book is to explore the role of the democratic principle in the context of the Economic and Monetary Union (EMU). The time is indeed quite ripe for opening a discussion on such issues. We all knew that, right from the beginning, the EMU regime had its own features, which distinguished it from any other area of competence of the European Union (EU) and, among others, did not contemplate the conferral of “strong” powers to the European Parliament. We were also aware that things had not much improved with the Treaty of Lisbon. However, a certain measure of “democratic deficit” in the area of Economic and Monetary Union policies seemed to be tolerable as long as the economic situation in Europe and particularly for the euro-area Member States remained florid. At that time, the scarce involvement of the European Parliament was regarded as a fair price to pay for a mechanism, which was producing positive results in economic terms for both the Member States and their citizens. Besides, as far as the Monetary “branch” of EMU was concerned, it was felt that the independence of the European Central Bank (ECB) from the Member States was a sufficient guarantee that the managing of the euro would be correct and impartial and did not require a direct parliamentary interference. On the other hand, the Treaties only established a rather loose “coordination” of the economic policies of Member States. The procedures laid down to ensure the respect of the Maastricht criteria in terms of ratio between GDP and, respectively, government deficit and debt left a wide margin of manoeuvre for each Member State. Budgetary decisions were still taken at State level, and this allowed National parliaments to play their democratic role.
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